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Markets are off to rough start Monday morning as headlines warn investors that President Obama plans to overhaul the regulation system this Wednesday. In addition, fresh data suggests that manufacturing conditions deteriorated more than expected in New York, while TIC Flows in April were much worse than anticipated. Twenty-five minutes into the trading session, Treasuries are rallying as the yield drops four-tenths to 3.71%. In equities, the S&P 500 is down 1.78% to 929, the Dow has fallen 1...

Treasury Secretary Timothy Geithner said the Troubled Asset Relief Program was “proving effective” in stabilizing the financial system, but he said Treasury must strike a “delicate balance” between market forces and government intervention. Echoing comments from Federal Reserve chairman Ben Bernanke, Geithner said the government will have to scale back their agenda once economic recovery begins. "We must get our fiscal house in order or risk having government borrowing...

In announcing new efforts to ensure that small banks have the capital needed to weather the current storm, Treasury Secretary Tim Geithner said the financial system is beginning to heal, but that recovery will take time. Speaking before the Independent Community Bankers of America, Geithner said the application window for smaller banks to access funds through the Capital Purchase Program would be extended by six months. “Using the proceeds of the repayments we expect to receive from some of...

New York Fed President and FOMC Vice Chairman Tim Geithner said the U.S. regulatory structure needs to be reformed to more clearly define rules and responsibilities.

Speaking at the Economic Club of New York, Geithner urged banks and Wall Street to come under a unified form of supervision and called for a stronger oversight of OTC payments systems.

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